EX-12.1 3 a99769exv12w1.htm EXHIBIT 12.1 exv12w1
 

EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio)

                                                 
                                            Six Months
                                            Ended
    1999
   2000
   2001
   2002
   2003
   June 30, 2004
Consolidated pretax income
   $ 109,336     $ 134,840     $ 218,336     $ 309,340     $ 396,217     $ 209,629  
Share of distributed income of 50%-or-less-owned affiliates net of equity pickup
     (263 )     (163 )     (26 )     (2,689 )     94       (5,596 )
Amortization of capitalized interest
     19,027       27,581       31,878       32,162       38,263       16,613  
Interest1
     52,764       62,610       55,327       49,086       50,125       26,566  
Less interest capitalized during the period
     (24,397 )     (34,105 )     (31,675 )     (39,695 )     (42,602 )     (25,775 )
Interest portion of rental expense
     4,522       6,065       7,190       6,679       5,973       2,856  
Net amortization of debt discount and premium and issuance expense
     33       —       —       —       —       —  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
EARNINGS
   $ 161,022     $ 196,828     $ 281,030     $ 354,883     $ 448,070     $ 224,293  
Interest1
   $ 52,764     $ 62,610     $ 55,327     $ 49,086     $ 50,125     $ 26,566  
Interest portion of rental expense
     4,522       6,065       7,190       6,679       5,973       2,856  
Net amortization of debt discount and premium and issuance expense
     33       —       —       —       —       —  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
FIXED CHARGES
   $ 57,319     $ 68,675     $ 62,517     $ 55,765     $ 56,098     $ 29,422  
Ratio of earnings to fixed charges
     2.81       2.87       4.50       6.36       7.99       7.62  

1   The Company adopted the provisions of SFAS 145, with respect to the rescission of Statement 4, in the third quarter of 2002. Costs associated with the early extinguishment of long-term debt are included in homebuilding interest expense in the financial statements, but have been excluded for purposes of calculating the ratio of earnings to fixed charges.